The Egg Factory and Avery Dennison Corporation Enter Into a Development Agreement
Press release from the issuing company
ROANOKE, Va., April 26 -- The Egg Factory (TEF), a creator and developer of innovations to Fortune 500 companies and private equity firms, announced today that it is working with Avery Dennison Corporation to develop a product called PocketMate(TM).
Through their development agreement, TEF and Avery Dennison's Industrial and Automotive Products Division will test and develop PocketMate(TM), a product intended to provide a unique, hassle-free means for carrying and storing personal or valuable items, such as identification and money, and for secretly storing tracking devices to protect children and loved ones.
TEF's unique business model allows the innovation development company to derive its innovations in a variety of ways including its internal personnel, worldwide scientific network and highly competitive summer internship program, Innovation Challenge.
"Have you ever wanted to go for a quick jog, but were afraid to leave your door key under the mat? Ever traveled to a foreign country and needed a simple and secure way to carry your travel documents, credit cards or currency? Every great product starts with an innovative idea that addresses a consumer need," said Andrew Gentiluomo, VP of Product Development & International Business, TEF.
"PocketMate is a unique solution that meets consumers' needs in a variety of ways. Our relationship with Avery Dennison combines all elements of product development -- from conception to commercialization -- to deliver products to market faster while reducing risk and development costs."
The agreement between TEF and Avery Dennison provides additional credence to TEF's unique strategy of creating innovative products for larger companies enabling them to extend their research and development efforts.
As an innovation development company, TEF is focused on creating innovations that address consumer and societal needs. Large global companies are given the opportunity to either buy or license these innovations and take them to the marketplace in less time and reduced cost.
The original concept for PocketMate(TM) came from ideas generated through TEF's Innovation Challenge -- its highly competitive summer internship program.
"Unlike many corporate research and development departments or university research programs, TEF is able to draw from a remarkable number of resources across the world to create unique, patented innovations. We can provide our global partners with the innovations they need to get innovative products to market quicker, at less cost and with reduced risks, giving them a significant competitive advantage in the marketplace," said Jim Currie, Chief Operating Officer, TEF.
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